Netherlands clarifies tax impact of asset transfers in fiscal unity liquidation
The Netherlands Ministry of Finance has issued Notification No. 2024-0000030104 on 5 February 2025, addressing the tax implications of asset transfers during the liquidation of a company within a fiscal unity. Under the Article 15ai of the
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Slovak Republic considers reinstating tax exemption on capital gains on private shares
The Slovak Republic government has approved Update No. 3 of the Action Plan for the National Strategy on Research, Development, and Innovation on 3 February 2025. This update also includes tax measures and is a part of the government Resolution
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El Salvador amends VAT and withholding tax returns
El Salvador’s Ministry of Finance has introduced new fields to Form 07 and Form 14, which taxpayers will be required to complete starting 1 February 2025. The forms have been updated to include the following changes: Sales to taxpayers;
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Italy releases jurisdictions with transitional qualified status for Pillar Two
Italy’s Ministry of Economy and Finance has released a document listing jurisdictions with transitional qualified status for implementing the domestic minimum top-up tax (DMTT) and income inclusion rule (IIR). The list also shows which DMTTs
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UK: HMRC amends Pillar Two rules
The UK tax authority, His Majesty’s Revenue and Customs (HMRC), published amendments to the Finance Bill 2024-2025 on 27 January 2025, introducing changes to the UK’s Pillar Two regulations. The bill includes modifications to the Undertaxed
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US: FinCEN updates beneficial ownership information reporting rules
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update on beneficial ownership information (BOI) reporting requirements on its BOI webpage. The alert states that the Justice Department, on behalf of the
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OECD consults Tax Incentives Principles
The Platform for Collaboration on Tax (PCT), under the Organisation for Economic Co-operation and Development (OECD), has initiated a public consultation draft titled “Tax Incentives Principles” on 10 December 2024. The consultation draft seeks
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IMF: Revenue and Spending Measures for Developing Countries to Reduce Debt Levels
An IMF Public Finance Management (PFM) Blog, written by Talal Rafi (a Director at EY Sri Lanka) and published on 27 January 2025, looked at the measures developing countries can take to reduce public debt levels. The author notes that more than 3
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IMF Report Makes Tax Policy Recommendations for Japan
On 7 February 2025 the IMF published a report following discussions with Japan under Article IV of the IMF’s articles of agreement. The report notes that Japan’s economy contracted in the first half of 2024 as a result of temporary supply
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South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
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Ecuador adjusts withholding rates for large taxpayers’ self-withholding obligation
Ecuador's Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC25-00000003 of 31 January 2025, updating withholding tax rates under monthly self-withholding obligation for large taxpayers. The self-withholding obligation is a credit
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Chile clarifies CFC rules, updates preferential tax jurisdictions
Chile’s tax administration published Circular Letter 11/2025 on 30 January 2025, which introduced Law 21.713, regarding controlled foreign company (CFC) regulations, preferential tax regimes, and the indirect sale of assets in Chile. The Law
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Japan: MOF presents tax reform bill to parliament
Japan's Ministry of Finance has released the legislative proposals submitted during the 217th session of the National Diet (parliament) – which includes the draft tax reform bill for 2025 and related materials – on 4 February 2025. The key
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Armenia introduces tax incentives for the tech sector
Armenia’s National Assembly has passed legislation introducing support measures and tax incentives aimed at advancing programs in the high-tech sector on 4 December 2024. These laws were presented by Minister of High-Tech Industry Mkhitar
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US Congress revives bill to end tax incentives for outsourcing
US Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX) reintroduced the No Tax Breaks for Outsourcing Act on 5 February 2025. First introduced in 2018, this legislation would end tax incentives created during the first Trump
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US: North Carolina extends corporate tax deadline to 7 months starting 2025
The North Carolina Department of Revenue (NCDOR) released a notice on 29 January 2025, announcing that it has revised the filing deadline for franchise and corporate income tax returns. As per the notice, for tax years beginning on or after 1
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El Salvador ends bitcoin tax payments
El Salvador's parliament has approved changes to the 2021 law that made Bitcoin a legal currency on 29 January 2025. The amendments repeal provisions allowing tax payments in Bitcoin and make accepting Bitcoin voluntary for businesses instead of
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Spain announces new requirement to maintain accounting records for manufacturing excise goods
Spain’s Ministry of Finance has issued Order HAC/1505/2024 on 26 December 2024, which mandates accounting records for products with manufacturing excise duties. The Order was published on 31 December 2024 and took effect on 1 January
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